Orange to Create New Board Role to Counterbalance CEO Richard

May 15 (Bloomberg) -- Orange SA’s board will name one of
its existing members in a new lead independent director role
after France’s largest phone company holds its annual
shareholders’ meeting at the end of this month.

The new position, which will act as counterbalance to
Stephane Richard holding both the chairman and chief executive
officer roles, is aimed at preventing conflicts of interest,
Sebastien Audra, a spokesman for Paris-based Orange, said by
telephone.

Orange, which has France as its largest shareholder with a
stake of about 27 percent, also has representatives of the state
among its board members.

The board in March drafted a preliminary set of resolutions
that it will submit for shareholder approval during Orange’s
annual general meeting on May 27. Among them is a proposal to
extend 52-year-old Richard’s tenure as CEO.

Richard is trying to stem a slide in revenue at Orange amid
price wars in France and a push to consolidate the market.
Vivendi SA agreed last month to sell its SFR phone business to
billionaire Patrick Drahi and his Numericable Group cable
operator in a $23 billion deal.

That has raised questions about the future of rivals
Bouygues SA and Iliad SA, Economy Minister Arnaud Montebourg has
said, while repeatedly calling for more consolidation in the
country.